Hengli Petrochemical, one of China's largest independent refiners, has officially denied any trade dealings with Iran after the United States imposed sanctions on its subsidiary, Hengli Petrochemical (Dalian) Refinery Co. The sanctions were based on allegations that the company had purchased billions of dollars' worth of Iranian oil. In its stock exchange filing, Hengli stated it has never engaged in trade with Iran and that its crude oil suppliers have guaranteed compliance with US sanctions. The company also emphasized that it has sufficient crude oil inventories to meet its processing needs for over three months and that its procurement activities remain unaffected. Hengli criticized the US sanctions as lacking factual and legal basis and expressed commitment to lift the restrictions. The sanctions were part of the US Treasury's broader campaign against Iran, which Secretary Scott Bessent described as a means to impose a financial stranglehold on the Iranian regime. The Chinese government has condemned the sanctions, urging the US to cease politicizing trade and using sanctions against Chinese companies.